Shannon Jones: Welcome to Industry Focus, the show that dives into a different sector
of the stock market every day. Today is Wednesday, November the 28th and we're talking Healthcare.
I'm your host, Shannon Jones, and I am joined via Skype by healthcare specialist and all-around
good guy, Todd Campbell. Todd, how are you? Todd Campbell: I'm doing great! I think
I'm finally recovering from Pie Fest 2018, the post-turkey day festivities took a toll on me,
I think I'm coming out the other side. Jones: But it was so worth it, wasn't it, Todd?
Campbell: It absolutely worth it.
And the three days afterwards of sandwiches. Oh, man! Jones: Lots of turkey sandwiches, that's for sure.
I've literally been in the gym every day since I've gotten back into town, trying
to work off the five or six pounds I put on just from the few days we were out.
Campbell: [laughs] I'm trying to figure out how it took me a year to lose five or six pounds
going to the gym, and one weekend to gain it all back. It is what it is!
Jones: I'm really excited about today's show. For our listeners, we're actually going to
be diving into our top healthcare picks. I'm excited for a couple of reasons. One, Todd,
it was actually hard for me to decide my top picks, especially with the stock market being down.
So many now are at such attractive prices. Did you find that, too, when you were trying
to decide which stocks to choose? Campbell: Yeah! I was actually looking at
my portfolio, and probably like a lot of our listeners, many names in my portfolio
fell a lot more than the broader market, and offer some really nice opportunity here.
What I finally decided to do, and I don't know if this is the approach you took or not,
is to say, I'm not going to look at my own portfolio names right now. Instead, I'm going to highlight
a couple of stocks that are on sale right now that I have on my watchlist and that could
be attractive buys now. That's the approach I took to try and whittle it down. But you're right,
there so many opportunities because -- listeners, unless you've been in a post-turkey day,
food coma, hate to break the bad news to you -- the stock market has been sliding.
We're in correction territory with a drop of about 10% at the low since September.
Jones: Certainly healthcare is definitely not immune to that. Oftentimes, you'll see
healthcare take the biggest swings when the market is in a downturn. And yes, just like you,
I was like, I'm not going to look at any of the stocks that I own. I'm actually
going to go outside. There are some stocks that Fools around HQ have been talking about,
and I thought now could be a really good time to start diving into them. I'm excited to
talk about that. Certainly on the biotech end of healthcare, there is always a good
batch of beaten down biotechs, which we'll get to. What I'm hoping our listeners will
get today is a wide range of different types of stocks that hopefully appeal to many different
types of investors. Campbell: Right. To set the stage a little bit,
I looked at the healthcare ETFs that I like to follow to get a gauge of how the
sectors and industries in healthcare are doing. One of them is the XLV. That's down still
about 4% from its peak in September and early October. At one point, it was down 8.3%. It's
bounced back a little bit. The biotech ETF that I like to follow is the IBB. That's still
down 14% from its late September, early October peak. It got down as much as 16%.
As I mentioned at the top of the show, a lot of those individual stocks are down much more
than that. Two stocks I want to highlight today, both of them are down more than 20%.
Jones: Let's dive into your first one. This is a stock that one of our fellow colleagues,
Brian Feroldi, has talked quite a bit about. Tell us about your first top healthcare pick.
Campbell: We've talked in the past on the show a lot about diabetes and what a major
market opportunity that is for investors. One of the companies that I want to highlight
today is Insulet, ticker PODD. They make a small, saucer-shaped insulin pump that diabetics
can wear for up to three days. It's the only tubeless pump that's on the market.
They were trading at about $106 at the peak in October. They're down about 24% from that,
trading around $81 today. Jones: It certainly sounds like Insulet shares
could go lower. One of the things in researching for this episode, I'm impressed with the fact that,
obviously the diabetes market is huge, but they've got a drug delivery system that
could even expand beyond diabetes. Campbell: It's really interesting to watch
and see how companies are starting to try and reach out and revolutionize diabetes treatment
with these different devices that basically allow patients to have a much easier time
in figuring out when they need to take their insulin, and then automating the delivery
of that insulin so that patients no longer have to go through this process of multiple
finger sticks a day to see if they need to have those insulin injections, and then,
of course, taking those actual injections afterwards. There are 30 million people in the U.S. with diabetes,
including 1.5 million people roughly with Type 1 diabetes, which is the form of
diabetes in which those patients don't produce any insulin. Those patients have a very high burden,
as far as having to do these finger sticks and take these multiple injections every day.
Companies like Insulet have come out and developed
different devices that can be used in combination with one another to try and make that whole
process simpler, easier and more effective. Studies have shown that the typical diabetic
is going to spend about 70% of their day outside of their targeted blood sugar range.
That is bad news because it can contribute to the disease progressing more quickly,
causing kidney damage, nerve damage, cardiovascular damage.
Insulet has this Omnipod, which is this insulin delivery device that can be worn. It's the
only tubeless one that's on the market. It's positioned to benefit from the fact that we've
got this huge and growing population of diabetes patients. The Institute for Alternative Futures
estimates that we could go from 30 million Americans to 55 million Americans with diabetes
by 2030. There's a huge demographic tailwind supporting demand for this company.
Jones: Speaking about the convenience and advantages of pumps themselves, it certainly
makes sense when you can automate this insulin delivery. But this certainly doesn't mean
that Insulet is in a field all by itself. It's definitely got some competition. Is that right?
Campbell: Yeah, and one of those competitors
is very deep-pocketed, it's Medtronic, ticker MDT. They have a big diabetes business.
Not only do they produce insulin pumps that compete against the Omnipod, they also produce continuous
glucose monitors that are used to evaluate your blood sugar in real time. They were the
first to launch an automated insulin delivery system that marries their continuous glucose monitor
and their pump together. Since then, another competitor, Tandem Diabetes,
rolled out their own automated system in combination with a continuous glucose monitor made by
Dexcom earlier this year. I think IT was August that they began selling that.
So there is stiff competition, and Insulet does not have an automated system on the market yet.
Investors should realize they could face some headwinds to their growth rate as people
decide whether or not they want to have these automated systems rather than the convenience
of the tubeless pump itself. That being said, though, don't count Insulet out.
They're working on their own automated system. It should be in the market by 2020.
And the way that they're designing their system is not only to use Dexcom's CGM, but to be
able to use a smartphone app to control it. It's something that a lot of patients would
like to see. A really big jump up in convenience. And even with all this competition from Medtronic
and Tandem, this is still a company that's growing double-digits.
Jones: Yeah, I was just looking here. 2017 sales grew 26% of $460 million. Just in Q3,
sales grew 24% year over year to $151 million for the full year. Guiding for $558-563 million in sales.
That's up about 20% from last year. It sounds like they're pretty close to turning
a corner on profitability, as well. Is that right?
Campbell: Absolutely. They were on track to deliver their first operating profit since
their inception this year. They've done a great job of controlling their expenses,
boosting their gross margin. Yes, in the short-term, they're going to still face some competitive
headwinds from Medtronic and Tandem. But the fact that they're still growing so quickly
even in the face of those stiff competitors, and the fact that they have their own automated
system coming in a year, I think that this is an attractive stock to add to long-term portfolios.
It could be bumpy for a little while. But I think long-term portfolios,
adding this one would make sense. Jones: Absolutely. To that point,
watching the partnership opportunities that'll come about. Right now, Insulet is partnered with
Amgen on the delivery system for Neulasta. You could certainly see many different applications
across the entire healthcare space where a customized version of the Omnipod can be used
to deliver different types of medication to different patients. Of the ones we've looked at,z
this one has actually probably caught my attention the most, Todd.
Campbell: I think it's a very intriguing play. Part of the reason that I think it's
such an intriguing play is because of the fact that it has the potential to be a major
disruptive force in the treatment of what is a huge, multiple hundreds of billions of
dollars a year in spending market. I also like Dexcom, which we talked about
as being the continuous glucose monitors. They're an agnostic play because you could
use a Tandem pump, you can use an insulin pump, whatever. But I think Insulet offers
a particularly interesting value right now because of that 20% drop.
Jones: Absolutely. Let's turn our attention to your second stock, Todd. One of the themes
that I have recognized from our most recent shows, and even with this one, as we were
identifying these stocks, is that the aging baby boomer population is a massive,
massive opportunity for investors to get in on growth opportunities, not just on the drug side,
but also on the healthcare insurance side. Campbell: Yeah! Talk about a huge market.
10,000 baby boomers per day turning 65. A longer-living population. That's significant
because it means demand for healthcare services by the elderly is increasing. That should
put a company like WellCare Health, ticker WCG, in a great position to profit from its
Medicaid and Medicare insurance business. Jones: It looks like WellCare plays a huge
part in the marketplace for insurance, primarily Medicaid and Medicare. It's been interesting
watching this particular stock, especially coming off of the midterm elections. Now that
we have the Democrats in the House, things have certainly changed for this company.
Campbell: Yeah, which is interesting. The last two years after Trump was elected,
and of course, the Republicans had control of both the House and the Senate, there was an
attempt to eliminate Obamacare. Obamacare includes a provision that expanded Medicaid.
Now, states didn't have to opt into Medicaid expansion, but many of them did. So, one of
the fears over the last two years was that if Obamacare was rolled back, what would happen
with Medicaid expansion? And one of the things that investors have
to recognize is that what happens with these insurers is that they go out and they bid
on a per member basis. The more people who are enrolled in Medicaid programs, the more
money they make in premiums. Medicaid expansion has been a huge win for companies like WellCare Health.
And the threat of that getting rolled back, obviously, was something that was on
the minds of investors. Now that the Democrats took control of the House,
I think the likelihood of any kind of a real repeal or replace that jeopardizes
Medicaid expansion has become de-risked. It's low to non-existent in my view. I think that
provides an interesting tailwind or backstop to WellCare Health's stock price, which over
the last six to eight weeks has tumbled about 25%.
Jones: And it's not just Medicaid. It's also Medicare. Also, it sounds like this company
is pretty aggressive when it comes to acquisitions. It has multiple areas that it's targeting
and strategically focusing on. Campbell: They get most of their sales from
the Medicaid side of things. $3.2 billion in revenue from Medicaid in the third quarter.
That represented about 64% of their total revenue of $5.1 billion. They're still predominantly
a Medicaid insurer. They have been going out and bidding in new states. They won
new bids, new contracts in Florida and Arizona. They also went out and bought a competitor called Meridian.
All of those things are going to increase and drive revenue higher on the Medicaid
side of things in 2019. Then, on the Medicare side of things,
they're also selling Medicare Advantage businesses. They're targeting all those people who are
turning 65 and are trying to figure out, do I want to stay with regular Medicare,
traditional Medicare? Or do I want to go with a Medicare Advantage plan. Because traditional Medicare
doesn't have out-of-pocket limits on what the patient will have to pay, many people
are choosing these Medicare Advantage plans. And as a result, its Medicare revenue is growing.
They did $1.6 billion in Medicare revenue in the third quarter. That was up from $1.47 billion
the year before. That's because they're getting more and more members to sign up for
their Medicare Advantage plans. Jones: It also sounds like WellCare is upping
their full-year guidance for 2018. It sounds like they're growing not just on the acquisition front,
but organically, as well. What can you tell us about that, Todd?
Campbell: The revenue was up year over year 15%, as I mentioned. They're a profitable company.
Their medical cost ratio, MCR ratio, is somewhere in the mid-80s. They do a good
job as far as managing their risk in that way.
They also have a nice little tailwind coming soon because they agreed to buy Aetna's part
D business in September. As listeners may remember, Aetna has agreed to combine with CVS.
But to get approval for that combination from the Department of Justice, Aetna had
to get rid of its part D revenue. What ended up happening is, WellCare went out and bought it.
They're going to get an additional $1.5 billion in revenue tailwinds, assuming all
the members stick around once they've officially taken that over. I think we'll probably see
most of that revenue show up in 2020. It may not be a 2019 thing, but 2020.
You've got the advantage of the Medicaid expansion in Florida and Arizona, organic growth,
Medicare Advantage growth, and then the potential tailwind from buying the part D that could help support
growth in two years rather than in the next 12 months. Jones: Lots of opportunities for WellCare there.
Let's turn our attention to the two stocks I pulled out from the market. The first one
is actually a type of equity that, Todd, you and I don't talk about a whole lot,
but I certainly think this one has its place. That is a healthcare real estate pick, specifically
a company called HCP, Inc. It is what is known as a REIT, or real estate investment trust.
Oftentimes, many of our listeners aren't familiar with what a REIT is.
Just to give you an overview, traditionally,
most of us, myself included, can't just go out and buy real estate at will.
But what we can do is pool our resources together as investors and buy a collection of properties
or real estate assets. That's exactly what REITs do. REITs also have a very special tax status,
which basically requires them to pay out at least 90% of their income as dividends.
If they do, they aren't taxed at the corporate level like most other businesses. The business
model for an equity REIT in particular -- which is what we're talking about, not a mortgage REIT,
which you certainly want to stay away from -- they buy properties, lease those properties
to tenants. This provides a nice, steady stream of income, most of which is then passed to us,
the shareholders. Campbell: What's really interesting about
these REITs is, you look at other REITs, like mall operators, and how e-commerce is causing
places like Sears to abandon stores. Those mall operators are under pressure.
I'm not going to say you wouldn't have closures or high vacancy rates with healthcare REITs like this,
but I think it's less likely. Healthcare is relatively inelastic to the economic cycle.
If you need healthcare, you're going to go out and seek healthcare. Right now, there's
a tremendous amount of money that's sloshing around in drug development and specialists,
you name it, providing care to all those baby boomers. As a result, that's leading to these
companies having pretty stable and high occupancy rates.
Jones: Absolutely. To put some stats behind that, right now, $1.1 trillion worth of healthcare
real estate is in existence, but only 15% of this is actually REIT-owned. Compare that
to commercial real estate, like you were mentioning, Todd, like retail shopping centers, malls,
even hotels -- that's about 40% REIT-owned. So, I feel like the opportunity is certainly
massive for healthcare REITs. You mentioned the aging baby boomer population. We know
that's going to be a massive growth opportunity in the healthcare space. You also mentioned
the economy. If things start to turn south, generally healthcare expenses are one of the
last to go. Also, we talked about it on last week's show
with our telemedicine, telehealth show -- you see insurers and payers favoring a lot more
of these off-site, lower-cost facilities. That's what a lot of these really strong REITs
are going after, are these assets that are not hospital-based, but they are separate,
standalone facilities. That's why I think healthcare REITs in particular make such a
compelling investment. HCP has been an interesting equity to follow
for a number of reasons. I'd say No. 1 is that it's truly a turnaround story if there
ever was one. If you go back to 2016, this particular stock was down, I want to say,
almost 40% at one point. A lot of that was because of its exposure to skilled nursing facilities.
Skilled nursing facilities are basically long-term care for patients who
have difficulty doing regular, day-to-day activities. Back then, HCP's portfolio was
heavily concentrated in these skilled nursing facilities. In 2016, it was about 26% or so.
They've actually now diversified their real estate portfolio to move away from those skilled
nursing facilities. The reason is because those facilities are much more dependent on
government reimbursement. Now, they are much more focused on private payers, which provides
a much steadier stream of income, and also allows for a much more diversified base.
Campbell: Right. And those contracts have built-in escalators and those types of things
that can help offset some of your rising costs. One of the concerns that some people have
had lately is that in a rising interest rate environment, some dividend stocks look less attractive.
Now, you can go out and you buy short-term bonds and get relatively competitive
yields to what the S&P 500 may be yielding, especially if rates continue to climb over
the course of the next year. That's made some of these higher-dividend-paying stocks more attractive.
If I earn less than 2% on the S&P, why would I want to take on that risk?
I can go out and I buy this short-term bond instead with lesser risk. Now, if you're talking
about a much higher dividend than that, it becomes a little bit more compelling.
Jones: Absolutely. Right now, their dividend, I believe they're right at about a 5% yield,
which is pretty impressive, especially for those that are looking for a steady stream
of income. The shares are trading for about $29 a share. You did see in January and February
of this year most REITs going back to the interest rate sensitivity. Most REITs did
take a hit as the Fed has continued to raise rates. What's been interesting with HCP in
particular is that they've been able to not only recover those losses but are actually
doing quite well even after the tumble they took in October. At $29 a share, they're up
about 40% from its lows from January and February. This really does go against conventional wisdom
with REITs, where the mantra truly is, stay away when the Fed interest rates are at play.
This stock has a lot to offer in terms of long-term growth. I would also add,
there were some management missteps along the way that I think got them into a portfolio that
was so heavily concentrated in an area that was declining. But they've been able to spin
off assets. They spun off their skilled nursing assets into a newly-created REIT called QCP.
They did sell a substantial amount of its Brookdale occupied properties, transitioned
35 others to new operators, and also exited several other non-core investments. Strategically,
now this company is much more in line to have predictable revenue streams, now a much more
diversified and focused company. It has three core areas: senior housing,
life science properties, and medical offices. Those areas that I mentioned are much less reliant
on government reimbursement, but also are the core areas that you see the industry transitioning to.
Campbell: Yeah. I think those properties
are increasingly valuable. Sometimes they have to be built out specifically with things
like ventilation, certain ventilation, etc, etc. That creates a stickiness with the people
who are renting those spaces from you. Obviously, in in the future, you've got to
keep an eye on things like what's going on with the National Institute of Health's funding budget,
and how much money is going into research. You have to keep an eye on how much money
is going to venture capital that's allowing some of these university researchers to spin off
and create their own new businesses. Those kinds of things will play a role in determining
vacancy rates in the future. But for now, like you said, this company is doing a pretty
good job in getting itself back on track. Jones: Yeah. And not only that, the balance
sheet is also improving. HCP has basically been paying down a lot of its debt. Its net
debt to adjusted EBITDA has dropped from 6.5X to 6X on a pro forma basis. This actually
led to an improved credit rating from the S&P recently. That's freed up a lot more cash
for them to go after a lot of these strategic moves and go into those more lucrative assets.
Definitely one to watch. I do think, like the other company, this will be a bumpy road ahead.
We're still in a rising rate environment. The Feds are expected to raise rates in 2019
at least three more times from what I've heard. Still in a transformation phase, still has
a long way to go. But I think this company is certainly one to watch.
Turning our attention to the last stock, this has been one of my favorites. It's rare, Todd,
to have a large-cap biotech player go on sale. One of my favorites is Celgene, ticker CELG.
Many large-cap biotech companies right now are ridiculously cheap. Celgene is actually
down 33% on the year, for some reasons which are very much warranted. [laughs] It's currently
sitting at $69 a share. It's lost half of its value since about a year ago. It's trading
at about 7X forward earnings, but when you compare that to the other major players, you're
looking at 11X for Biogen, 9X for Gilead, and 13X for Amgen. It actually makes Celgene
look that much more attractive. Campbell: Yeah. Listeners, if you own Celgene
and you've suffered through that loss, I feel your pain. [laughs] This is a core holding
in the healthcare portion of my own personal portfolio. I've been riding this one lower.
It's a long-term holding for me. I agree with you, it's rare to see a company --
I'm going to take this one step further. It's rare to see a company that's growing by double-digits
that is trading at such a discount vs. where it was a year ago. You said, there are some
good reasons for that, but I think that those reasons are pretty temporary. I don't know if you agree.
Jones: I totally agree. Digging into that,
a little over a year ago, they had the big Phase III disastrous failure for GD301.
It certainly took a huge hit to the stock. Even worse, and probably more embarrassing for
the company, was the refuse to file notice that they received from the FDA for one of
the most widely-watched, most anticipated assets, and that was Ozanimod for multiple sclerosis.
For our listeners who aren't aware, it's one thing to get a complete response
letter where the FDA says, "No, we're not going to approve this even after we've reviewed
the application." It's a whole 'nother thing when the FDA says, "I'm not even going to
look at this because it's not complete." Todd, this is something you expect from a rookie
biotech that just sprung off the side of the streets of San Francisco, right? [laughs]
Campbell: Certainly not a company that has four blockbuster drugs on the market! [laughs]
You would not expect to have that. I think they moved fast. It was an acquisition,
they spent billions of dollars on it a few years ago when they bought Receptos to get Ozanimod.
They just moved too quick. Now, they're going back, they're going through everything,
they're trying to get all their ducks in a row. I think they plan on refiling that early next year.
But I think you're right. That was egg on the face for Celgene, no question.
Jones: And it certainly doesn't stop there. To bring it more in terms of what's happening
now and what the concerns are moving forward, it comes down to Revlimid. Right now,
Revlimid makes up about 63% of Celgene's revenue. A huge moneymaker for the company, but they
are going to be facing generic competition as soon as 2022, and there are multiple generic competitors.
They were able to actually stave off Natco Pharma a couple of years ago.
Basically, they structured an agreement where Natco would limit its volume, which basically means that
they have no incentive to offer discounts. That's great for Celgene. But now,
you've got companies like Mylan, you've also got Dr. Reddy's Laboratories that are going to
have generics. I'm hopeful, cautiously optimistic, that they'll be able to structure similar
agreements with these companies. But that is a huge cloud hanging over Celgene right now.
Campbell: We have to put that a little bit
in perspective. I thought that we would see these brand name drugs lose a lot more of
their market share early on, the biologics, when biosimilars were approved, than they have.
What you're seeing is, these companies are getting increasingly smarter in figuring out
ways to control the decline so that it's a slower pace than maybe you would otherwise expect.
That's going to buy Celgene some important time.
One of the things -- and you're probably going to hit on this in a second -- that I think
is interesting about talking about Celgene today is that they've got some big news potentially
coming very soon at ASH. One of those news items that'll be coming at ASH is going to
be insight into what could become a successor drug to Revlimid, bb21217, which is the second
generation version of those CAR-Ts for multiple myeloma.
Jones: ASH is actually coming up next week. For our listeners who aren't familiar,
it's the American Society of Hematology. It's a huge conference. Both scientists and investors
and companies come and present data. bluebird bio, who Celgene has partnered with on bb2121,
will be presenting data. All eyes will definitely be on that.
To your point, Todd, they've got a lot of things right now that have been working against them,
but for things that I think could work in their favor, they're looking to launch
at least five new drugs over the next couple of years. Potentially bb2121 and the others,
but also Ozanimod, as we've talked about, they're actually expecting to submit for U.S.
and European approvals in the first quarter of 2019 after the delay with the RTF.
That's a drug that could reach $1 billion annually just on the MS indication. Like many MS drugs,
they're also going for the GI indications like ulcerative colitis. That could be another
big moneymaker. They've also got Fedratinib. Celgene plans
to file for a U.S. approval of blood disease drug Fedratinib in treating myelofibrosis
by the end of this year for European submission. If it wins, this drug could compete against
Incyte's billion-dollar blockbuster Jakafi. They've got a number of different drugs in
the pipeline. Luspatercept is another drug on the blood disorder spectrum. This is partnered
with Acceleron Pharma. Celgene thinks it could have $2 billion in peak sales there. We talked
a little bit about it on the cell therapy side, they've also got liso-cel, the company's
gene therapy for non-Hodgkin's lymphoma. You've got a really rich pipeline.
Evaluate Pharma actually has it as the No. 3 best pipeline in the entire industry. This could more than
make up for any decline that we may see on Revlimid sales.
Campbell: I totally agree. That's one of the reasons that I'm so confident about holding
onto this as a core holding. Obviously, like we said at the top of the segment, we've taken it
on the chin, investors, with our Celgene shares. But they've got a lot of irons in
the fire, and a lot of these could be very large drugs. You talked about them.
These are blockbusters in the making, potentially. We still obviously have to get those filings
done and have them go smoothly, and we have to have the FDA weigh in with approvals on
these things. But I see a path for them to get to that $20 billion in revenue and beyond
over the course of the next decade. And that's even in the face of the threats to Revlimid.
Jones: Absolutely. The company has been raising their full-year guidance every quarter.
Right now, they just raised it in Q3 to $15.2 billion up from $14.8 at the start of the year. Growth
is definitely happening. Don't write off Celgene because of where the stock is trading.
It has lots of shots on goal here. Right now, it's literally trading at its all-time lows.
If there was ever a time to get in on this stock, I would say that time is now.
Campbell: Second the motion! Listen, you're never going to pick the bottom. In my view,
there's a difference between catching a falling knife, which is going out and buying shares
in a company that has fallen on tough times, the shares continue to fall. If the company
is not working on disruptive things, if their sales are falling, if their profit is falling,
then yeah, wait until it bottoms, wait until it settles out. Don't try and catch that falling knife.
But that's not the case with Celgene. They're still growing their top line,
they're still growing their bottom line. As you put it, they have all these shots on goal.
Jones: Absolutely! Hopefully in this week's episode of Industry Focus, we've brought to
you a good mix of different types of stocks that present really compelling buying opportunities.
Certainly keep your eyes out for more opportunities moving forward. More importantly, keep your
emotions in check. Now is the time to buy, not time to sell.
That's it for this week's Industry Focus: Healthcare show. As always, people on the
program may have interest in the stocks they talk about, and The Motley Fool may have formal
recommendations for or against, so don't buy or sell stocks based solely on what you hear.
This show is produced by Dan Boyd. For Todd Campbell, I'm Shannon Jones. Thanks for listening and Fool on!
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